The surge in Canadian home prices in the second quarter of 2015 ranked among the biggest gains in global real estate markets, a Scotiabank study said Thursday.

With an 8.2 per cent rise year over year, Canada registered the fourth highest pace of growth in the world. Ireland with a 13.3 per cent gain in prices topped the list in the bank’s Global Real Estate Trends. Sweden saw a 10.5 per cent gain and Australia, 8.3 per cent.

Home prices in the United States rose 5.4 per cent.

The report by Adrienne Warren ranked 23 countries by real house prices, adjusted for inflation.

“Canadian home sales and pricing are proving resilient in the face of a more challenging economic environment, buoyed by ultra-low borrowing costs and favourable homebuying demographics,” Scotiabank said.

Canada’s second quarter surge compared to a 6 per cent gain in the first quarter of the year.

But the report warns that heightened economic uncertainty and soft job markets remain headwinds for the strength of Canadian housing and that of the other top global markets.

“Among the more robust housing markets globally, including Canada, Australia, the U.K. and Ireland, stretched affordability could pose an increasing challenge.”

Foreign demand, which some blame for driving up prices in Canada’s housing hotspots, Vancouver and Toronto, will remain high, Scotia said, as the world’s wealthy look to diversify their investments.

The fact that Canada’s dollar has weakened over the last year in tandem with the drop in oil prices will also keep Canadian housing on foreign buyers’ radar.

“Foreign exchange considerations are taking on a bigger role, increasing the attractiveness of properties in countries whose currencies have weakened at the expense of relatively stronger currency markets in the U.S. and the U.K.,” the report said.